BYD share price hits a record when Tesla Rival 5-minute-EV charging technology unveiled

• BYD unveiled new loading tech, takes five minutes and offers an area of ​​400 kilometers.
• The shares listed in Hong Kong touched an all -time high on Tuesday.
• The technology gives BYD a leg via EV competitor like Tesla.

The move: The BYD shares listed in Hong Kong rose by 6% on Tuesday and reached an all -time high before the profits were slightly rounded off. The Chinese electric vehicle manufacturer has now increased by more than 50% a year with a market capitalization of $ 160 billion.

Why: During a unveiling on Monday, the company developed a charging system that offers 400 kilometers with a five-minute charge-the same time that is needed to fire a burner motor vehicle.

The technology will be compatible with the latest HAN-L sedans from BYD and the upcoming Tang L Sport Uutility models.

BYD cited plans to build 4,000 of these charging stations across China, although no time frame was provided.

What it means: The ultra-fast charger increases the bar for BYDS EV rival such as Tesla. The production giant led by Elon Musk is always tougher in China, with the broadcasts from the country decreasing by 49% in February compared to the previous year.

Tesla's chargers have difficulty competing with the five -minute stations: the fastest fee of the company is 15 minutes for a range of 275 kilometers.